No soothing mood music from Bank of Ireland concerning mortgage holders who are in difficulty.

Unlike Allied Irish Banks, which earlier this week said it would consider debt forgiveness for those who are struggling to keep up with payments, Bank of Ireland said at its annual results it will not pursue any such policy.

But the good news is that it isn't whingeing about its loss-making tracker mortgages, unlike Permanent TSB which is about to start offering customers cash to get off these mortgages. (I've heard of one "friend of a friend of a friend" who has been offered €130,000 to get off a tracker worth the guts of a million).

Tracker mortgages are typically about 1% above the European Central Bank rate and are Ireland's dirty little secret – few own up to having them because their mortgages are rock bottom while everyone else on a variable rate is suffering. And that doesn't make nice dinner party conversation when poverty and debt is so in vogue.

Bank of Ireland revealed today that 62% of its 161,000 mortgage accounts are on tracker rates. So maybe it should be a bit more concerned.

Banks are paying 5% or more for finance and won't see returns on trackers for years. Even if the ECB rate goes up four or five times between now and the end of 2012, the base rate will still be less than 2.5% - half of the banks' financing costs.

If Permanent TSB's blandishments work, then surely it is only time before Bank of Ireland and Allied Irish Banks follow.